We have seen several significant changes in the market for technology-led innovation in health care in the past few years. Let’s take a look at some of the technology important trends that are shaping the healthcare industry.
The past few years have seen a shift towards the virtualization of health care. Your smartphone is now accessible to many routine health care services and a perfect example would be urgent care visits or routine consultations. There are over 300,000 health apps in the Apple and Android stores as per the reports. However, only a small number have reached critical mass, indicating that consumer preferences for virtual care are changing slowly.
Another latest trend is the huge amounts of venture capital pouring into digital health, $11.5 billion in 2017 to be precise. The first quarter of 2018 saw continuous investments in digital health, serving as a validation of the promise of digital health innovation and the opportunities in the digital transformation of health care. The startups are at both ends of the spectrum, while many of these startups are struggling and exits are not keeping pace with expectations and a few of them have also raised very large amounts of money, such as Outcome Health, have gotten into trouble for trying to find short-cuts to growth and profitability.
Innovations from big technology firms are also struggling to gain traction. Recent troubles at IBM’s Watson Health business indicate a deeper problem for the business model itself, as they have reportedly laid off significant numbers of employees in the face of market and organizational challenges.